New FHA Mortgage loans starting April 1st will see an increase to the FHA Up Front Mortgage Insurance Premium (UFMIP) and to the Annual Mortgage Insurance Premium (MIP). The Up Front Mortgage Insurance Premium (UFMIP), which is the amount that is added on top of the base loan amount, will increase to 1.75%, currently it […]
OHIO MORTGAGE REFINANCE RATES EXPLAINED
What’s your rate for a refinance? That is one of the most common questions asked to a loan officer. There is no correct answer. Pick a number, and you can probably get that rate (within reason). However, it may cost you an arm and a leg. So what should you ask? That all depends on […]
FORECLOSURE AFFECTS ON FUTURE HOME OWNERSHIP
Everywhere we turn we are inundated with news of, and statistics about foreclosures. Hardship foreclosures, strategic foreclosures, the list goes on and on. One question frequently asked is “What is the actual date of the foreclosure?”. Is it the date of sheriff’s sale, the date of the confirmation of sale, the date the deed was […]
WHAT IS A USDA MORTGAGE?
USDA, well known for grading beef, also insures home loans. The mortgage program is known as the USDA Rural Development Guaranteed Loan. So what makes the USDA mortgage special? For starters, it is a true 100% (no down payment) mortgage. Whats the catch? No catch, but below is a list of some of the important […]
UPDATE: FHA POISED TO LOWER MIP FOR STREAMLINES
Just a quick update on a post from last week. One of the CONS I mentioned in the PROS AND CONS OF THE FHA STREAMLINE REFINANCE article was FHA program changes. Chances are when you originally took out your FHA mortgage, you paid 0.5% mortgage insurance (equates to roughly 0.5% X loan amount / 12 […]
New Government Mortgage Programs, Good Idea?
President Obama has been making news recently in the housing industry. He has made comments on making FHA Streamline Refinances more accessible, and Wednesday morning the White House released some details on the President’s latest refinance plan. Minimum credit score of 580, and loan to value ratio (loan amount compared to the homes value) of […]
Pros and Cons of an FHA Streamline Refinance
FHA mortgages picked up where subprime mortgages left off after 2007 when subprime became a dirty word. FHA had limited down payment requirements, no minimum credit score requirements, and had attractive interest rates. Ohio, as well as the rest of the country saw FHA originations double from 2007 to 2008. 6 years later, Ohio residents […]
OHIO RESIDENTS, GET READY FOR MORTGAGE COSTS TO GO UP
The payroll tax cut extension that Congress agreed to extend on December 23rd will have far reaching implications. One of those implications is increasing the cost of a mortgage for those of us in Ohio and across the country. The loan guarantee fee paid by Fannie Mae and Freddie Mac will increase by 10 BPS […]
OHIO HOME BUYERS, SHOULD YOU GET A HOUSE INSPECTED?
With home sales picking up in a majority of Ohio, prospective buyers will look for any advantage they can to edge out the competition. One of those may be waiving inspection contingencies. Experienced homeowners and first time homebuyers alike, should make an educated decision on whether or not to get a home inspection. There are […]
Can HARP help Ohio Homeowners?
First off, what is HARP? It stands for Home Affordable Refinance Program, and was designed to help homeowners who have been unable to obtain traditional refinancing because the value of their home has declined. So who offers HARP? The majority of lenders offer HARP loans, although each lender will differ in their guidelines. How can […]
